CANADA STOCKS-TSX slides as banks and energy firms reverse gains

Tue May 16, 2017 5:30pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* TSX down 86.14 points, or 0.55 percent, to 15,543.33

* Seven of the TSX's 10 main groups were down

By Solarina Ho

TORONTO, May 16 (Reuters) - Canada's main stock index fell on Tuesday as bank and energy shares, pinched by housing market jitters and lower oil prices, weighed on the market.

The Toronto Stock Exchange's S&P/TSX composite index fell 86.14 points, or 0.55 percent, to close at 15,543.33. Seven of the index's 10 key sectors lost ground.

Financial stocks, which account for roughly a third of the index's weight, slipped 0.7 percent, as Toronto Dominion Bank fell 0.9 percent to C$63.13, leading the group's declines.

John Ing, president of Maison Placements Canada, said market gyrations will continue given the concerns about the banks' exposure to Canada's overheated housing market.

"Home Capital is still in intensive care. Until that and other evidence of the housing market settles down - then I think people will stop focusing on the bank," he said.

Home Capital Group Inc has struggled with financing problems following accusations by the Ontario Securities Commission that it made misleading statements to investors.   Continued...